In the first week of operation of the Auxílio Brasil payroll loan, more than 2,000 complaints were reported by beneficiaries of the program who are entitled to the loan, according to a survey carried out by Idec (Brazilian Institute for Consumer Protection) based on reports on social networks, in YouTube and on official channels. The institute claims there are reports of harassment from banks and the practice of tying.
The release of payroll loans was authorized less than three weeks before the second round of the elections and is used as a trump card in the reelection campaign of President Jair Bolsonaro (PL), who ended the first round behind Luiz Inácio Lula da Silva (PT) .
Caixa Econômica Federal claims to have released around R$ 1.8 billion in payroll-deductible loans to 700,000 beneficiaries of Auxílio Brasil and BPC (Benefit of Continued Provision) in three days of operation in the last week. The average loan amount at Caixa was around R$2,600.
Caixa began offering the new loan last Tuesday (11). The interest rate offered by the bank is 3.45% per month — just below the ceiling of 3.5% per month set by the Ministry of Citizenship. The loan can be made in up to two years, in 24 successive monthly installments.
THE MAIN RULES OF THE BRAZIL AID LOAN
- Interest rate: cannot be more than 3.5% per month
- Value monthly discount: in the box ranges from R$15 to R$160
- Deadline: The loan can be paid in up to two years
- Required documents: RG or driver’s license and CPF
Who can ask for the money
- Customers must have the benefit active and receiving for more than 90 days
- The family head registered with Auxílio Brasil needs to authorize the loan and the discount on the benefit
- You will need to authorize the financial institution to have access to personal and banking information
- The beneficiary will have to sign a questionnaire with financial education guidelines
- The government cannot be held responsible if the loan is not paid to the bank
What banks and finance companies can’t do
- No TAC (Credit Opening Fee) and other administrative fees are charged
- They cannot call to offer the consignment. Any type of active marketing to convince the beneficiary to join the credit is not allowed.
- There can be no grace period for the loan to start being deducted from the benefit
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